Crypto currency has come to stay and aid the economy of the world, almost every country today are either adopting already existing crypto or creating their own crypto, this article wishes to elaborate on 12 things that will interest you about crypto currency.
- MINERS ARE GAINERS
Mining on any crypto makes you a valuable stake in that crypto. Explaining the concept and benefits of mining, Sean Williams in his blog puts it this way ‘However, Cryptocurrency transactions need to be verified, and the Blockchain regularly enlarged, to account for new transactions and payments. This job falls to a group of folks known as Cryptocurrency miners. Crypto-mining involves using high-powered computers to solve complex mathematical equations on a competitive basis in order to verify and log transactions. Being the first to do so often entitles the miner to a reward, which is given in the form of Cryptocurrency coins and/or transaction fees associated with a block. Though the hardware and electricity costs can be enormous, mining can also be extremely rewarding. This has made it clear the facts that miners are gainers.
- CRYPTOCURRENCY PAYMENT SYSTEM IS CALLED BLOCKCHAIN
Blockchain eases the transfer of fund from one user to the other; it is well document, fast and reliable. As Sean Williams puts it ‘Blockchain technology is the infrastructure that Cryptocurrencies like bitcoin are founded on. It’s a digital and decentralized ledger that records payment and transfer transactions in a safe and efficient manner. It’s also the big reason why big businesses are so excited.’ Blockchain acts as the central mechanism in the controlling, distribution and exchange of the crypto value.
- CRYPTO CURRENCY IS DECENTRALIZED
The system of decentralization makes it possible for everyone to be able to acquire and utilize the crypto to their benefit. This means it prevents a single person to monopolize the crypto currency as a personal property.
- CRYPTOCURRENCY IS VOLATILE
This means, it is very difficult to hold on to its value as it can change any single hour. According to CoinMetro ‘There are many external factors that may have a direct impact on the value of Crypto money. That’s exactly why the prices of Cryptocurrencies are known to be extremely volatile. Here’s a perfect example: in 2009, 1 Bitcoin was worth $0.003; by the end of 2017, its value was $17,900 and still rising. This arguably shows the level of volatility it can get (See More: Why Bitcoin Is The Key And “Next Big Thing” For Economic Growth).
- CRYPTOCURRENCY ARE SAVED IN WALLET
When I said wallet, I do not mean the physical wallet we use to put money, this is digital wallet though does the same function of a physical wallet. Surprisingly losing your wallet will automatically make you lose your money, Coinmetro explains it thus ‘Once lost, your digital funds will disappear into the giant Crypto-void. Unless hacked, which is virtually impossible considering the structure of Blockchain technology, your abandoned e-wallet will be lingering out there somewhere.
- CRYPTO IS VERY ACCESSIBLE
Anyone and everyone using smart phone can access Cryptocurrency. There are many crypto out there still in mining stages, all that has to be done is downloading the app and start mining, very easy and accessible.
- CRYPTOCURRENCY HAS COME TO STAY
No one can delete crypto out of space, crypto has come to stay, as Coinmetro puts it ‘Bitcoin allows people to send/receive money without any intermediary – i.e., a bank – thus operating independently. That’s not necessarily good news for banks, which can also have an impact on the opinion of governments. However, Bitcoin is designed in such a way that it can’t really be banned. Regulated, yes, but not physically banned. Realistically, anyone can get a Bitcoin wallet and an Internet connection and embark on their Crypto-journey!’ since it cannot be banned, it has come to stay.
- THERE ARE THOUSANDS OF CRYPTOCURENCY
There are over two thousand Crypocurrencies and still counting, these Cryptos differs in values, some have higher selling/buying price than others.
- CRYPTO HAS HIGH COMPETITIVE INVESTORS
Every crypto is in competition in the market to get investors, the higher the weight and numbers of investors investing on that coin, the possibility of the high value of that coin.
- CRYPTOCURRENCY AT FIRST WAS UNDERRATED
When bitcoin started mining it was at first underrated and not regarded, many business gurus didn’t take it as a serious project, but today the richest man in the world and many others in his league are all investors in crypto.
- DO NOT DOUBT THE FUTURE OF CRYPTO
Though it is regrettable if you missed out on the first crypto, Bitcoin, but there is still hope if you can buy some coins or mine available coins and hold, you may soon become rich in the near future.
- SOME COUNTRIES HAVE ILLEGALIZE CRYPTO
Funny enough some countries has illegalize any form of mining or holding of crypto, like in China this is enforce through stop and search.
The era of digital currency has come to stay, soonest we may no longer make use of paper money, this article has explained 12 things that will interest you in crypto currency.